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Oil Tops $98 a Barrel in Early Trading

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Oil rose to more than $98 a barrel in early trading Wednesday, a day after closing over $97 for just the second time in the past four months, Bloomberg reported.

Crude futures rose 89 cents in pre-market New York Mercantile Exchange trading to $98.06 per barrel, Bloomberg said.

Update: Price slid to close at $97.01; DOE boosts price forecast for diesel, oil, gasoline.

 

The gain followed a German court’s approval of a European rescue fund and on speculation the United States and China will take fresh measures to stimulate their economies, Bloomberg reported.

Oil rose 63 cents Tuesday to finish at $97.17 a barrel, the highest Nymex closing price since $97.26 on Aug. 22.

Oil last topped $97 on May 10, when it was declining from the $100-plus levels of March and April, Bloomberg Nymex figures showed.

Diesel and gasoline pump prices have risen for 10 straight weeks, though the rate of gains slowed this week, with each fuel up by less than a penny.

By Transport Topics

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